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Heads of local banks said that the direction of the Central Bank of Egypt to issue plastic coins “Polymar”, during the next two years, comes to keep pace with the global markets for currencies, reduce the cost of issuing the banknote, and extend its shelf life in circulation.
This comes after Gamal Negm, the first deputy governor of the central bank, announced his bank’s study of issuing a 10-pound plastic coin, “Polymar”, after moving to work at the new printing house at the bank’s headquarters in the administrative capital, due to be received next year.
“Najm” said, in a press statement on the sidelines of the closing of the activities of the Forum of the Union of Arab Banks, the Central Bank and the Federation of Banks in Hurghada, on Sunday, that the issuance of plastic currencies will follow in different categories, indicating its multiple advantages.
Tariq El-Khouly, the president of the Arab International Banking Corporation «Sayeb», said that the plastic currencies are 3 times longer than their paper counterparts, and they are less expensive to issue and produce, and contribute to reducing the transmission of diseases, the bad use of money and negative practices in writing on them and the speed of their damage.
Hussein Rifai, President of the Suez Canal Bank, the managing director, said that plastic currencies are difficult to counterfeit or cut, stressing that this trend is a qualitative shift in monetary and financial transactions in markets, and keeps pace with global markets.
Tariq Fayed, Chairman of the Cairo Bank’s Board of Directors and CEO, stressed the importance of starting studies on converting to plastic currencies, as it reduces the cost of chopping damaged banknotes, ruling out any resistance from the public when dealing with them.
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